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Big Changes Rolling Through U.S. Steel

Wednesday, August 23, 2017
 

The major steelmaker is investing in massive improvements at Gary Works while also selling the South Works site for new development.

After delaying maintenance for years in an effort to cut costs (then paying for that delay by failing to capitalize on rising steel prices due to inefficient equipment), U.S. Steel recently announced a multi-year, asset revitalization program representing a total of $1.2 billion. “The real solution is not to have things go wrong,” said U.S. Steel CEO David Burritt. “We’re addressing that with asset revitalization.”

U.S. Steel is one of the largest employers in Northwest Indiana.

Already this year, the company put $23 million towards restoring hot strip mills at Gary Works and has another $26 million planned to go towards improving reliability at their #6 blast furnace (expected to be complete and running again by later this year). An additional $7 million will be invested in other projects at Gary Works as well.

While Gary Works improves, U.S. Steel has also found a buyer for the South Works property, once another massive mill site in Illinois, that has been left vacant since it closed in 1992. Now, Emerald Living has agreed to purchase 440 acres of the site with plans to build 20,000 futuristic modular homes designed by Barcelona Housing Systems, as well as stores and offices. The project is called “New SouthWorks.” Currently the agreement is in the due diligence stage and is undergoing an environmental review. According to Emerald Living’s CEO Barry O’Neill, “Over the coming months, we will be working with the city, Aldermen Aadlowski, Garza and Mitchell, local community members, and other stakeholders to develop a new, exciting vision for this site and the surrounding South Chicago Neighborhoods.”

U.S. Steel - Gary Works

www.ussteel.com/locations/gary-works

 

Barcelona Housing Systems

www.welink-group.com/housing